GD to Purchase Advanced Technical Products

Thursday, May 02, 2002
General Dynamics and Advanced Technical Products, Inc. today entered into a definitive agreement for General Dynamics to acquire all 5.89 million outstanding shares of Advanced Technical Products (ATP) for a cash purchase price of $33.50 per share. In addition, General Dynamics would assume approximately $36.2 million of ATP's net debt and retire approximately $16.2 million in ATP stock options, bringing the transaction's value to approximately $250 million. The acquisition would be immediately accretive to General Dynamics' earnings. ATP closed at $28.53 in yesterday's trading. The proposed transaction, unanimously approved by the boards of directors of both companies, is subject to ATP shareholder and regulatory approval and customary closing conditions. It is expected to be completed within the next 60 days. Upon completion of the acquisition, ATP will become part of General Dynamics Armament Systems, and the combined entity will be known as General Dynamics Armament and Technical Products. ATP anticipates revenues of approximately $235 million in 2002. The purchase of ATP gives General Dynamics a strong technology position on key programs aligned with homeland defense and DoD transformation initiatives. ATP is an industry leader in composites technology and production; Armament Systems is an industry leader in integrated armament products for air, land and sea platforms. "Although we make different products, our companies serve many of the same customers and have highly complementary technologies. The combined organization will be able to expand into new growth markets," said Linda Hudson, president of General Dynamics Armament Systems. When the transaction closes, Hudson will be the president of General Dynamics Armament and Technical Products.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Obangame Express 2015 Concludes in the Gulf of Guinea

Maritime forces from Gulf of Guinea nations, Europe, South America, and the United States and several regional and international organizations concluded the multinational maritime exercise,

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

Shipbuilding

First Supramax Vessel for Japan-Italy Venture

'DACC Tirreno' was delivered at the Oshima shipyard in Japan yesterday, the first of four Supramax bulk carriers for the dACC Maritime Limited fleet, the joint

Austal Graduates 48 4-Yr Apprentices

Austal USA combined two classes to graduate a total of 48 members of Austal’s cutting-edge four-year apprenticeship program yesterday at a formal ceremony held at the Arthur R.

BAE Systems to Expand San Diego Shipyard

BAE Systems announced it will invest approximately $100 million to expand drydocking capabilities at its San Diego shipyard.   The investment, which will include

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1251 sec (8 req/sec)